London-listed liftboat operator Gulf Marine Services (GMS) has signed the first of a two-phase contract for one of its vessels operating in the Middle East.
The two phases of the new deal, according to the liftboat operator, are set to last four years. GMS also received a letter of award relating to the second phase of the deal. The contract will elevate the company’s backlog to $463m, which represents 3.1 times GMS’ 2023 revenue.
“The higher rate at which this contract has been awarded underscores the ongoing strength in demand for our vessels across the various markets in which we operate. The contract for the project’s second phase, also granted to GMS in the letter of award, is currently in the final stages of processing and will be announced independently,” said Mansour Al Alami, GMS executive chairman.
Less than two weeks ago, the company signed a contract extension for one of its vessels currently operational in the Middle East and received a letter of award for another vessel operating in the same region. The two deals will last for a total of 5.2 years.
